DMEA: Iran, Venezuela sign petchem deal

The deal was signed as part of a visit by Iranian President Ebrahim Raisi to Caracas and would include the two countries carrying out more joint projects. Raisi stated with Venezuelan President Nicolas Maduro that the two countries aimed to “increase bilateral trade to $20bn, up from $3bn.” He added: "We have decided to increase the co-operation between the two countries."

Raisi continued: "The goal we have for commercial and economic co-operation, the first step is to take the level of co-operation to $10bn, the next step, we want to take it to $20bn."

The Iranian president neglected, however, to offer a time frame for the stated goal. Both countries also failed to impart any details of the petrochemical deal.

Venezuelan state television did mention that the MoU between state petrochemical firm Pequiven and its Iranian counterpart would allow for an increase in co-operation in oil exploration and development.

Additionally, the countries also signed a deal to increase mining co-operation, but similarly, did not provide further details. Maduro mentioned that future deals and investments were likely to occur after praising Raisi’s visit and the two countries’ bilateral trade relationship. He will continue to travel to Nicaragua and Cuba following his stop in Venezuela as part of a Latin American tour. This recent visit re-enforces the two countries’ relationship, having signed a 20-year cooperation plan in Tehran in 2022 promising partnerships on a wide variety of issues including defence and oil.